India’s bustling IPO landscape is witnessing a new player aiming to revolutionize investment banking through artificial intelligence. S45, founded in 2025, seeks to streamline the IPO process for mid-market companies, leveraging AI to automate traditionally manual workflows. As India’s capital markets mature, with a record ₹1.65 Lakh Cr raised in mainboard IPOs in FY26, S45’s approach could address bottlenecks in the current investment banking model.
### S45’s Approach to Investment Banking
Founded by Deepank Bhandari, Pankaj Harlalka, and Aman Singh, S45 positions itself as an “AI-native investment bank for India.” The company aims to democratize access to growth capital by automating the IPO journey. Traditional investment banks often overlook mid-market companies, but S45’s technology-driven model allows it to handle more IPOs efficiently. By using AI to process data and draft documents, S45 claims to significantly reduce the time and effort required for IPO preparation.
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### The Competitive Landscape
S45’s model contrasts sharply with traditional investment banks like JP Morgan and Kotak Investment Banking, which focus on larger transactions. S45 targets IPOs in the ₹50-500 Cr range, offering a cost-effective alternative with up to a 30% discount on fees. Since its inception, S45 has facilitated 26 IPOs on the SME board, raising over ₹1,120 Cr. This focus on high-growth companies that have been overlooked by private equity and venture capital firms could shift market dynamics, particularly for SMEs seeking public market entry.
### Implications for India’s Startup Ecosystem
The introduction of AI-driven investment banking by S45 could have significant implications for India’s startup ecosystem. By reducing the time and cost associated with IPOs, S45 may enable more startups to access public markets, providing them with the capital necessary for growth. This could foster a more vibrant mid-market segment, encouraging innovation and competition. Furthermore, S45’s model highlights a growing trend of integrating AI into traditional sectors, potentially setting a precedent for other financial services.
Looking ahead, S45 plans to expand its tech team and enhance its AI platform to further streamline processes. With a projected revenue of $10 Mn for FY26-27, the company aims to maintain its human-centric approach, ensuring that decision-making remains informed by human judgment. As S45 continues to build trust within the investment ecosystem, its success could pave the way for broader acceptance of AI in investment banking.
